Northfield Laboratories is a sell?

That is what Morgan Joseph is telling its fans.

Morgan Joseph commenced coverage of Northfield Laboratories with a Sell rating aimed at $6.

StreetInsider.com reports that Morgan Joseph commenced coverage of Northfield Laboratories (Nasdaq: NFLD) with a Sell rating aimed at $6.

Analyst Eugene Trogan said, "PolyHeme Phase III data is likely to be mired by safety concerns, making FDA approval highly unlikely, in our opinion. Questions over PolyHeme's safety have created a climate in which the FDA will feel hard-pressed, in our view, to approve PolyHeme unless the product demonstrates stellar results, a scenario we consider to be highly unlikely. The most well-known risk is hemoglobin's vasoconstrictive effects, among others, some of which include cardiac and gastroinstestinal toxicity, inflammation, and oxidative stress."

Northfield Laboratories which closed yesterday (11/27/06) at $15.64 and opened this morning at $14.90, must be thrilled that Morgan Joseph joined the party.